Stocks to Watch - PSTL, ICICI Bank, SBI

Nagarjuna Construction Company (NCC) announced its plan of issuing equity shares and securities to the qualified institutional buyers (QIBs) through Qualified Institutional Placement (QIP) for an amount not exceeding Rs 5.50 billion. Shares of the company closed up Rs 6.45, or 4.73%, at Rs 142.80**.

Apollo Hospitals Enterprise reported a steady growth in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company rose 33.06% to Rs 291.40 million from Rs 219 million in the same quarter last year. Shares of the company declined Rs 35.7, or 5.92%, to trade at Rs 566.90.

State Bank of India (SBI) has decided to lower interest rates for this segment by 50 basis points, in a bid to double its market share in dealer financing. Shares of the bank closed up Rs 16.15, or 0.92%, at Rs 1,765.10.

Pyramid Saimira Theatre (PSTL) has put its businesses and assets in the US and Malaysia up for sale a move that aims to decline the losses and generating funds for Indian operations. Shares of the company closed down Rs 0.85, or 3.31%, at Rs 24.85.

ICICI bank and its merchant banking arm, ICICI Securities (I-Sec), have entered into an agreement, whereby all M&A (mergers and acquisitions) deals will be done by ICICI Bank. Shares of I C I C I Bank closed down Rs 5.65, or 0.75%, at Rs 748.70.